In recent years, many businesses across many industries had to leverage digital tools to keep up with emerging customer demands: allowing them to compete better in an economic environment. Accordingly, the rapid digital transformation has increased reliance on various digital networks.
However, as more and more organizations rely on digital networks, it became a primary motive for cybercriminals to breach corporate accounts and take hold of sensitive personal data. Companies can counter such opportunistic criminals by employing various safety measures like online identity verification and being attentive to infrastructure by IT teams.
But despite such preventative measures, cybercriminals remain present and their fraudulent ways are becoming more sophisticated. Securing and managing the digital identities of customers and employees is significant to risk management and achieving seamless digital transformation.
Digital identity refers to all the information of an individual, organization, or device that exists online. The elements of digital identity include login credentials, biometric data, online bank accounts, social media activity, etc. As digital identity comprises all unique and valuable data, a person or an entity must be able to securely verify themselves in a digital world.
One way to do this is by integrating biometric verification into their existing authentication solutions like mobile facial biometric verification. It is a more secure and convenient way to verify and access digital identities.
Having a secure identity verification is paramount in risk management and helps organizations establish trust in the new digital ecosystem. Additionally, in the absence of trust, customers will not feel comfortable with using online tools which might result in them missing out on access to essential services.
Furthermore, without a robust security solution or Strong Customer Authentication, individuals and entities are at constant risk of data breaches and compromised identities.